CSX Reports 3Q Net Income of $463 Million, Up From $455 Million in 3Q 2012
Date Posted: October 16, 2013
Jacksonville, FL—CSX Corporation (NYSE: CSX) announced Oct. 15 third-quarter net earnings of $463 million, or $0.46 per share, up from $455 million, or $0.44 per share, in the same period last year.
This performance was supported by strong operating results and higher revenues that included benefits from customer contract settlements.
“CSX posted historically high financial results as it continued to effectively manage ongoing challenges in the coal market and leverage growth opportunities in merchandise and intermodal,” said Michael J. Ward, chairman, president and chief executive officer.
“The third quarter performance is an ongoing reflection of the company’s ability to capitalize on the modest improvement in the economy with a relentless focus on customer service and asset efficiency.”
Revenues of $3 billion resulted from higher volume and pricing gains in merchandise and intermodal which offset continued declines in coal revenue.
The higher revenues, along with efficiency gains, helped deliver third quarter operating income of $854 million and an operating ratio of 71.5 percent.
CSX now expects full-year 2013 earnings per share to be slightly up from 2012 levels.
In addition, the company remains on target to achieve its goal of sustaining a high-60s operating ratio by 2015, while remaining focused on attaining a mid-60s operating ratio longer-term.